Egypt’s banks pumped 11 bln pounds among CBE’s mortgage initiative: Deputy Governor

Egypt’s local banks injected 11 billion Egyptian pounds (US$624 million) in favour of the central bank’s low-income mortgage initiative since its beginning, Gamal Negm, Deputy Governor.

During 2014, CBE has launched an initiative worth 20 billion Egyptian pounds to stimulate the mortgage sector and finance the purchase of housing for earners with low and average incomes.

CBE has amended the mortgage finance initiative to provide an opportunity for those who earn less than EGP 1,400 per month to benefit from the initiative at a discounted annual interest rate of 5% instead of 7%.